Franklin BSP Realty Trust First Quarter 2026 Supplemental Information
B E N E F I T S T R E E T P A R T N E R S 2 Important Information The information herein relates to the Company’s business and financial information as of March 31, 2026 and does not reflect subsequent developments. Risk Factors Investing in and owning our common stock involves a high degree of risk. For a discussion of these risks, see the section entitled “Risk Factors” in our Annual Report on Form 10- K filed with the SEC on February 25, 2026, and the risk disclosures in our subsequent periodic reports filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Forward-Looking Statements Certain statements included in this presentation are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Franklin BSP Realty Trust, Inc. (“FBRT” or the “Company”) and may include the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause actual outcomes to differ materially from our forward-looking statements include macroeconomic factors in the United States including inflation, changing interest rates and economic contraction, impairments in the value of real estate property securing our loans or that we own, the extent of any recoveries on delinquent loans, and the financial stability of our borrowers, and the other factors set forth in the risk factors section of our most recent Form 10-K and Form 10-Q. The extent to which these factors impact us and our borrowers will depend on future developments, which are highly uncertain and cannot be predicted with confidence. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law. Additional Important Information The summary information provided in this presentation does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of the Company. This summary is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. This summary is not advice, a recommendation or an offer to enter into any transaction with us or any of our affiliated funds. There is no guarantee that any of the goals, targets or objectives described in this summary will be achieved. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal, ERISA or tax advice or investment recommendations. Investors should also seek advice from their own independent tax, accounting, financial, ERISA, investment and legal advisors to properly assess the merits and risks associated with their investment in light of their own financial condition and other circumstances. The information contained herein is qualified in its entirety by reference to our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. You may obtain a copy of the most recent Annual Report or Quarterly Report by calling (844) 785-4393 and/or visiting www.fbrtreit.com. This presentation contains information regarding FBRT’s financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (“GAAP”), including Distributable Earnings. Please refer to the appendix for the reconciliation of the applicable GAAP financial measures to non-GAAP financial measures. PAST PERFORMANCE IS NOT A GUARANTEE OR INDICATIVE OF FUTURE RESULTS. INVESTMENTS INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE INVESTMENT. There is no guarantee that any of the estimates, targets or projections illustrated in this summary will be achieved. Any references herein to any of the Company’s past or present investments, portfolio characteristics, or performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments will be profitable or will equal the performance of these investments. There can be no guarantee that the investment objective of the Company will be achieved. Any investment entails a risk of loss. An investor could lose all or substantially all of his or her investment. Please refer to our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for a more complete list of risk factors. The following slides contain summaries of certain financial information about the Company. The information contained in this presentation is summary information that is intended to be considered in the context of our filings with the Securities and Exchange Commission and other public announcements that we may make, by press release or otherwise, from time to time.
FBRT 1Q 2026 Financial Update
B E N E F I T S T R E E T P A R T N E R S 4 1Q 2026 Highlights 1. Fully Converted assumes conversion of our series of convertible preferred stock and Class A units in FBRT OP LLC, our operating partnership (“OP Units”), along with full vesting of our outstanding equity compensation awards. 2. Please see appendix for GAAP net income to Distributable Earnings calculation. 3. Adjusted for the impact of accumulated depreciation and amortization of real property of $18.5 million and $17.5 million at 3/31/26 and 12/31/25, respectively, as well as for the impact of the fair value of our MSRs over their carrying value of $19.2 million as of 3/31/26. 4. Cash excludes restricted cash. Total liquidity amount includes the cash available we can invest at a market advance rate utilizing our available capacity on financing lines. FBRT 1Q 2026 Financial Update Earnings • GAAP Net Income of $12.3 million or $0.07 per diluted common share or $0.08 per fully converted share (1) • Distributable Earnings before realized losses (2) of $25.9 million or $0.22 per fully converted share (1) • Distributable Earnings (2) of $13.5 million or $0.09 per fully converted share (1). Distributable Earnings includes $12.3 million of realized losses within the quarter, of which $4.7 million was recognized in GAAP this quarter and $7.6 million was recognized in GAAP in previous quarters • Declared a Q1 2026 cash dividend of $0.20 per share, representing an annualized yield of 5.6% on fully-converted book value per share (1) Capitalization • Fully-converted book value per share is $14.18 vs. $14.15 in Q4 2025 (1). Undepreciated fully-converted book value per share is $14.58 vs. $14.34 in Q4 2025 (1) (3) • Net debt to equity is 2.8x; recourse net debt to equity is 1.2x • 61% of financing sources are non-mark-to-market on our core book • $521 million of liquidity of which $116 million is cash and $3 million is CLO reinvest/ramp available (4) • Repurchased $39.8 million of common stock with a weighted average price of $9.13, which resulted in $0.24 of accretion to fully-converted book value per share (1) Investments • Core Portfolio: Principal balance increased by $173 million in the quarter. Closed $468 million of new loan commitments and funded $496 million of principal balance including future funding on existing loans. Received loan repayments of $323 million • Agency Business: Originated $646 million of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD Portfolio • Core Portfolio of 177 CRE loans and $4.6 billion of principal balance, average size of $26 million and 79% multifamily. One asset was removed from the watch list. Eleven assets remain on the watch list, four of which are risk rated a five and seven of which are risk rated a four • REO portfolio of six foreclosure positions (vs. seven in Q4 2025) totaling $208 million and one investment real estate owned position of $116 million
B E N E F I T S T R E E T P A R T N E R S 5 Income Statement Balance Sheet - Assets (End of Quarter) Net interest income (1) $27.6 Total core portfolio $4,546.8 Operating expenses (1), (2) (14.3) Loans held-for-sale 423.0 (Provision) / Benefit for credit loss (1) (13.5) Total real estate securities 178.7 NewPoint 2.8 Mortgage servicing rights 211.9 Other income/(loss) (1) 9.7 Cash and restricted cash 136.4 GAAP net income (loss) $12.3 Real estate owned 329.0 NewPoint adjustments to GAAP net income (loss) (3) 2.8 Other assets 475.2 Other adjustments to GAAP net income (loss) (3) 10.8 Total assets $6,301.0 Distributable Earnings before realized gain/(loss) (3) $25.9 Realized gain/(loss) adjustments to GAAP net income (loss) (3) (12.3) Balance Sheet - Debt & Equity Distributable Earnings (3) $13.5 Collateralized loan obligations $2,637.3 Warehouse - Core 1,151.2 GAAP net income (loss) per share, fully converted (4) $0.08 Warehouse - NewPoint 344.1 GAAP return on common equity 2.1% Repo - securities 212.2 GAAP dividend coverage, fully converted (3), (4) 40.7% Asset specific financings 36.9 Unsecured debt 185.7 Distributable Earnings per share, fully converted (3), (4) $0.09 Total debt $4,567.4 Distributable Earnings return on common equity (3) 2.6% Preferred equity (5) 348.5 Distributable Earnings dividend coverage, fully converted (3), (4) 45.2% Common stock/retained earnings (6) 1,221.3 Distributable Earnings per share before realized gain/(loss), fully converted (3), (4) $0.22 Total equity (5), (6) $1,569.8 Distributable Earnings return on common equity before realized gain/(loss) (3) 6.2% Book value per share, fully converted (4) $14.18 Distributable Earnings dividend coverage before realized gain/(loss), fully converted (3), (4) 109.8% Net debt/total equity 2.82x Dividend per share $0.200 Net debt/total equity ex. NewPoint 2.60x Dividend per share yield on book value 5.6% Recourse net debt/total equity 1.16x Financial Highlights Note: All numbers in millions except per share and share data. 1. Excludes NewPoint. 2. Does not include real estate owned operating income which is reported under Other income / (loss). 3. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings. 4. Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards. 5. Includes $90 million of preferred equity that converts to common equity on 1/21/28, subject to the holder's right to accelerate the conversion. These amounts are reflected as temporary equity on the consolidated balance sheets. The remaining $259 million of preferred equity represents the Series E preferred, which is not convertible into common equity. 6. Includes non-controlling interest. FBRT 1Q 2026 Financial Update
B E N E F I T S T R E E T P A R T N E R S 6 $29.0 $26.7 $17.9 $13.5 2Q'25 3Q'25 4Q'25 1Q'26 $25.9 (2) $28.4 (2) $27.7 (2) $25.1 (2) Earnings & Distributions Note: All numbers in millions except per share data. 1. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings. 2. Distributable earnings before realized gain/(loss). 3. Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards. FBRT 1Q 2026 Financial Update Distributable Earnings ($M) (1) GAAP Net Income (Loss) ($M) $24.4 $17.6 $18.4 $12.3 2Q'25 3Q'25 4Q'25 1Q'26 2Q'25 3Q'25 4Q'25 1Q'26 $0.355 $0.355 $0.355 $0.200 Dividend per share $0.27 $0.22 $0.12 $0.09 Distributable earnings per share, fully converted (1), (3) $0.23 $0.23 $0.22 $0.22 Distributable earnings per share before realized gain/(loss), fully converted (1), (3) 76% 61% 34% 45% Distributable dividend coverage, fully converted (1), (3) 64% 66% 63% 110% Distributable dividend coverage before realized gain/(loss), fully converted (1), (3)
B E N E F I T S T R E E T P A R T N E R S 7 1Q 2026 ($M) Core Net Fundings Note: All numbers in millions. 1. Includes full paydowns, dispositions, partial paydowns, non-REO related charge-offs and amortization. FBRT 1Q 2026 Financial Update $462 $34 ($323) $4,436 $4,609 4Q25 Loans Outstanding Fundings on New Loans Fundings on Existing Loans Repayments¹ 1Q26 Loans Outstanding Total Commitment of $468M
B E N E F I T S T R E E T P A R T N E R S 8 Capitalization Overview 1. On our core book (excluding repo-securities and NewPoint), 61% of financings are non-mark-to-market. 2. Net leverage represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase agreements - commercial mortgage loans, repurchase agreements - real estate securities, asset-specific financing arrangements, and unsecured debt, less cash and cash equivalents, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse net leverage excludes collateralized loan obligations. FBRT 1Q 2026 Financial Update Financing Sources (1) Net Leverage (2) Average debt cost including financing was 6.0% in 1Q26 vs. 6.5% in 4Q25 Collateralized Loan Obligations, 57% Warehouse, 33% Unsecured Debt, 4% Repo - Securities, 5% Asset Specific Financings, 1% 1.16x 2.84x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x Recourse Net Leverage Total Net Leverage
B E N E F I T S T R E E T P A R T N E R S 9 Financing Lines 1. Outstanding balance as of March 31, 2026 and net of tranches held by FBRT. 2. Cost of debt is shown before discount and transaction costs. 3. Capacity for loans. Excludes bond repurchase agreements. FBRT 1Q 2026 Financial Update CLOs Warehouse/Revolver/Other CLO Name Debt Amount(1) Reinvest End Date Cost of Debt(2) BSPRT 2022-FL8 $289 million Ended S + 2.24% BSPRT 2023-FL10 $535 million Ended S + 2.70% BSPRT 2024-FL11 $886 million 10/8/27 S + 1.99% BSPRT 2025-FL12 $947 million 5/8/28 S + 1.61% Total $2,657 million CLO reinvestment available $3 million Repo – Securities (outstanding) $212 million Name Capacity (3) JP Morgan $750 million Barclays (Warehouse) $500 million Atlas SP Partners $350 million Wells Fargo $250 million Barclays (Secured Revolver) $100 million BAML Line of Credit (NewPoint) $500 million Fifth Third Warehouse Line of Credit (NewPoint) $400 million Fifth Third Line of Credit (NewPoint) $125 million JPM Line of Credit (NewPoint) $700 million PNC Line of Credit (NewPoint) $500 million ASAP Line of Credit (NewPoint) $100 million Total $4,275 million
B E N E F I T S T R E E T P A R T N E R S 10 $521 $116 $3 $402 Unrestricted Cash CLO Reinvestment Available Financing Available & In Progress¹ Total Liquidity Liquidity ($M) Liquidity 1. Represents cash available at 3/31/2026 that we can invest at a market advance rate utilizing our available capacity on financing lines. FBRT 1Q 2026 Financial Update
B E N E F I T S T R E E T P A R T N E R S 11 Income Statement (QTD) Volume UPB Count Net interest income ($0.6) Q1 2026 Total $646.3 27 Gain / (loss) on sales 16.5 Mortgage servicing rights 6.7 Mortgage servicing rights amortization, impairments & payoffs (9.0) Servicing and ancillary fees 12.3 Servicing interest on escrows 6.9 Other income 2.0 Total Revenues $34.8 Operating expenses (34.4) Taxes 0.3 Loan loss provision 2.1 GAAP net income (loss) $2.8 Mortgage servicing rights (6.7) Mortgage servicing rights amortization, impairments & payoffs 9.0 Fair value adjustments on equity investments (0.7) Other adjustments 1.2 Distributable Earnings $5.6 ROE GAAP return on equity (2) 2.7% Distributable Earnings return on equity (2) 5.5% NewPoint Financial Highlights Note: All numbers in millions. 1. Based on final purchase price of $410 million. FBRT 1Q 2026 Financial Update
B E N E F I T S T R E E T P A R T N E R S 12 MSR Rollforward MSR Value on Commitments (1) Total MSR Value Ending balance at 12/31 $212.2 $7.8 $220.0 OMSR - new commitments - 6.7 6.7 OMSR - moved at settlement 8.7 (8.7) - Amortization, impairments & payoffs (9.0) - (9.0) Ending Balance at 3/31 $211.9 $5.8 $217.7 Servicing Book Rollforward Product Type 12/31 UPB Change 3/31 UPB (2) Fannie $7,860 $77 $7,937 Freddie 8,649 228 8,877 Ginnie 5,125 80 5,205 Bridge 836 (414) 422 Affordable 425 23 448 Benefit Street Partners 130 9,895 10,025 Private Label 24,821 395 25,216 Total $47,846 $10,284 $58,130 Agency/FHA $21,634 $385 $22,019 Other $26,212 $9,899 $36,111 NewPoint MSR & Servicing Book Note: All numbers in millions. 1. Included in commercial mortgage loans held for sale and derivative instruments on the balance sheet. 2. Includes $4.9 billion of principal serviced for a wholly owned subsidiary of the Company; related revenue is eliminated in consolidation. FBRT 1Q 2026 Financial Update
Portfolio
B E N E F I T S T R E E T P A R T N E R S 14 Core Loan Portfolio Composition 1. Weighted average loan-to-value percentage (WA LTV) represents the weighted average ratio of the loan amount to the appraised value of the property at the time of origination. 2. Unpaid principal balance (UPB) represents the portion of the loan that has not yet been remitted to the lender. 3. Four risk rated 5, two risk rated 4 and one risk rated 3. One loan removed from the non-performing list post quarter end. Portfolio $4.6B total portfolio; 64.8% WA LTV (1) Portfolio Summary Rate Type Collateral Summary Collateral by Vintage Collateral by State 166 senior loans; average UPB (2) of $27M 11 mezzanine loans; average UPB (2) of $5M 7 non-performing loans (3) Senior, 99% Mezzanine, 1% Floating, 91% Fixed, 9% Multifamily, 79% Hospitality, 11% Industrial, 6% Office, 1% Other, 3% Texas, 29% Florida, 15% North Carolina, 13% Georgia, 7% Various, 7% New York, 5% Arizona, 3% Connecticut, 3% All Other, 18% Portfolio Overview Post-Rate Hike, 71% Pre-Rate Hike, 29%
B E N E F I T S T R E E T P A R T N E R S 15 By Region Southeast, 40% Southwest, 20% Various, 12% Mideast, 11% Rocky Mountain, 8% Great Lakes, 4% New England, 3% Far West, 2% Multifamily, 92% Healthcare, 5% Industrial, 3% By State Texas, 20% Florida, 18% North Carolina, 17% Various, 12% Colorado, 7% New Jersey, 6% Georgia, 5% Ohio, 4% All Other, 11% 26 loans; $468 million total commitment ($462 million of initial funding / $6 million of future funding) 2.78% weighted average spread; 6.49% all-in coupon (1) 0.5% and 0.5% weighted average origination and exit fees, respectively By Collateral Core Originations in the Quarter Portfolio Overview Note: Charts shown above are based on the initial funding/unpaid principal balance of the newly originated loans. 1. All-in coupon based on 3/31/26 SOFR indices.
B E N E F I T S T R E E T P A R T N E R S 16 Investment Loan Type Investment Date Default Date Non-Performing Collateral Loan Purpose Location Loan Risk Rating 456-Unit Apartment Community Floating Rate Senior Loan Q4 2021 Q1 2026 Yes Multifamily Acquisition Durham, NC 5 276-Unit Apartment Community Floating Rate Senior Loan Q2 2022 Q1 2026 Yes Multifamily Acquisition Charlotte, NC 5 184-Unit Apartment Community Floating Rate Senior Loan Q4 2021 None Yes Multifamily Acquisition Glendale, AZ 5 Suburban Office Park Floating Rate Senior Loan Q4 2019 None Yes Office Acquisition Alpharetta, GA 5 848-Unit Apartment Community Floating Rate Senior Loan Q1 2021 None No Multifamily Acquisition Garland, TX 4 307-Unit Student Housing Community Floating Rate Senior Loan Q2 2022 None No Multifamily Acquisition Norfolk, VA 4 352-Unit Apartment Community Floating Rate Senior Loan Q1 2024 Q1 2026 Yes Multifamily Acquisition San Antonio, TX 4 172-Unit Apartment Community Floating Rate Senior Loan Q1 2022 None Yes Multifamily Acquisition Tempe, AZ 4 476-Unit Apartment Community Floating Rate Senior Loan Q1 2021 None No Multifamily Acquisition Austin, TX 4 344-Unit Apartment Community Floating Rate Senior Loan Q4 2022 None No Multifamily Acquisition San Antonio, TX 4 176-Unit Apartment Community Floating Rate Senior Loan Q2 2022 None No Multifamily Acquisition Fort Worth, TX 4 Core Portfolio - Watch List Loans (Risk Rating 4&5) Note: Watchlist loans are loans with a risk rating of 4 or 5. Portfolio
B E N E F I T S T R E E T P A R T N E R S 17 Investment Loan Investment Date Foreclosure / Deed-In-Lieu Date Collateral Type Collateral Detail Location CBD Office Complex Q1 2020 Q3 2023 Office 124k Square Foot Office Complex Portland, OR 471-Unit Apartment Community Q2 2022 Q2 2024 Multifamily 471-Unit, Garden Style Apartment Community Raleigh, NC 426-Unit Apartment Community Q2 2018 Q2 2024 Multifamily 426-Unit, High Rise Apartment Community Cleveland, OH CBD Office Complex Q1 2021 Q1 2025 Office 301k Square Foot Office Complex Denver, CO 249-Unit Apartment Community Q1 2021 Q2 2025 Multifamily 249-Unit, Garden Style Apartment Community Austin, TX 272-Unit Apartment Community Q2 2022 Q4 2025 Multifamily 272-Unit, Garden Style Apartment Community Fort Worth, TX Foreclosure Real Estate Owned (“REO”) Portfolio
Appendix
B E N E F I T S T R E E T P A R T N E R S 19 Core Portfolio – FBRT Portfolio Details – Top 15 Loans Note: All numbers in millions. 1. Effective Yield defined as: (1) current spread of the loan plus (2) the greater of any applicable index or index floor. 2. As-is loan to value percentage is from metrics at origination. Predevelopment construction loans at origination will not have an LTV and therefore is nil Appendix Loan Loan Type Origination Date Par Value Amortized Cost Spread Effective Yield (1) Fully Extended Maturity State Collateral Type As-is LTV (2) Loan 1 Senior Loan 5/10/24 117 116 + 2.50% 6.16% 5/9/29 Connecticut Multifamily 50.7% Loan 2 Senior Loan 2/9/23 94 94 + 4.00% 8.00% 5/9/28 Various Hospitality 53.6% Loan 3 Senior Loan 10/28/25 93 92 + 2.30% 5.96% 11/9/30 Various Multifamily 72.1% Loan 4 Senior Loan 12/15/21 80 80 4.25% 4.25% 3/9/27 North Carolina Multifamily 76.1% Loan 5 Senior Loan 2/16/24 80 80 + 3.65% 7.31% 3/9/29 Texas Multifamily 53.3% Loan 6 Senior Loan 8/1/23 79 79 + 3.20% 6.86% 8/9/28 Texas Multifamily 58.7% Loan 7 Senior Loan 2/10/22 77 77 + 3.20% 6.86% 2/9/27 Florida Multifamily 74.5% Loan 8 Senior Loan 3/7/24 75 75 + 2.70% 6.36% 3/9/29 North Carolina Industrial 58.6% Loan 9 Senior Loan 3/31/21 74 74 + 2.20% 5.86% 4/9/26 Texas Multifamily 72.6% Loan 10 Senior Loan 2/9/26 73 73 + 3.50% 7.16% 2/9/31 Florida Multifamily 62.9% Loan 11 Senior Loan 9/6/24 73 73 + 2.75% 6.41% 9/9/28 Florida Multifamily 72.7% Loan 12 Senior Loan 2/29/24 67 67 + 3.25% 7.25% 3/9/29 Florida Multifamily 58.7% Loan 13 Senior Loan 6/14/22 64 64 + 3.45% 7.11% 6/9/27 Georgia Multifamily 71.6% Loan 14 Senior Loan 1/24/25 60 60 + 2.50% 6.16% 2/9/29 Texas Multifamily 86.7% Loan 15 Senior Loan 8/23/22 57 57 + 6.70% 10.36% 4/9/26 North Carolina Multifamily 46.5% Loans 16 - 177 Senior & Mezz Loans Various 3,447 3,435 + 3.37% 7.11% Various Various Various 65.0% Total/Wtd. avg. $4,609 $4,596 + 3.28% 7.01% 2.4 years 64.8% Average Loan Size $26 $26
B E N E F I T S T R E E T P A R T N E R S 20 Risk Rating Principal Balance - 3,180 965 281 183 Loan Count, 4Q25 - 137 22 6 4 (+) Addition - 16 5 1 1 (-) Reduction - (13) (1) - (1) Loan Count, 1Q26 - 140 26 7 4 Change QoQ - 3 4 1 - Non-Performing - - 1 2 4 Watch List - - - 7 4 0.0% 69.0% 20.9% 6.1% 4.0% 1 2 3 4 5 Average risk rating was 2.5 for the quarter vs. 2.4 from 4Q25 Core Portfolio – Risk Ratings Note: Principal balance in millions. Watchlist loans are loans with a risk rating of 4 or 5. Appendix Risk Ratings
B E N E F I T S T R E E T P A R T N E R S 21 $0.17 $0.11 $0.06 $0.00 ($0.02) -1.00% -0.75% -0.50% 3/31/2026 +0.25% Change in Floating Base Rate Indices Core Portfolio – Earnings Sensitivity Note: Reflects earnings impact of an increase or decrease in the floating-rate indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition or asset performance. Appendix Annual EPS Sensitivity on Index Rates Positive earnings correlation to falling rates due to rate floor activations As of 3/31/26 1M SOFR: 3.66% As of 4/15/26 1M SOFR: 3.67%
B E N E F I T S T R E E T P A R T N E R S 22 Core Portfolio – Fully Extended Maturities Note: All numbers in millions. Appendix Fully Extended Maturity by Year $731 $806 $985 $1,312 $529 $246 2026 ROY 2027 2028 2029 2030 2031
B E N E F I T S T R E E T P A R T N E R S 23 Multifamily 91% Hospitality 6% All Other 3% 4Q25 Provision/ (Benefit) Write offs 1Q26 UPB As % of Total UPB General CECL Provision $34.5 ($1.3) - $33.2 $4,447 0.7% Specific CECL Provision 4.1 14.8 (2.6) 16.3 $162 0.4% Total Allowance for Credit Losses $38.6 $13.5 ($2.6) $49.5 $4,609 1.1% As % of Total UPB 0.9% 0.3% -0.1% 1.1% Core Portfolio – Allowance For Loan Loss Note: All numbers in millions. Allowance for loan loss above includes future funding. Appendix Total Allowance for Credit Loss by Collateral Type
B E N E F I T S T R E E T P A R T N E R S 24 1Q'26 4Q'25 3Q'25 2Q'25 GAAP Net Income (Loss) 12.3 18.4 17.6 24.4 Adjustments: Unrealized (Gain) / Loss (1) 3.2 1.8 1.9 (2.5) Subordinated Performance Fee (2) - (0.3) (0.3) (0.8) Non-Cash Compensation Expense 3.1 3.3 5.2 2.3 Depreciation & Amortization, net 3.4 3.4 3.4 1.4 Transaction-Related and Non-Recurring Items (3) - - 4.0 1.8 (Reversal of) / Provision for Credit Loss 11.4 (7.9) (0.6) (1.5) (Gain) / Loss on Debt Extinguishment Reversal - 7.7 - - Income from mortgage servicing rights (6.7) (8.8) (19.7) - Amortization and write-offs of MSRs 9.0 9.7 15.9 - Deferred tax adjustment 0.7 3.0 - - Fair value adjustments on equity investments (10.4) (2.6) 0.9 - Distributable Earnings before realized gain/(loss) 25.9 27.7 28.4 25.1 Realized Gain / (Loss) on Debt Extinguishment - (7.7) - - Realized Gain / (Loss) Adjustment on Loans and REO (4) (12.3) (2.2) (1.7) 3.9 Distributable Earnings 13.5 17.9 26.7 29.0 7.5% Series E Cumulative Redeemable Preferred Stock Dividend (4.8) (4.8) (4.8) (4.8) Noncontrolling Interests Net (Income) / Loss (0.3) (0.7) (0.3) (1.2) Noncontrolling Interests Net (Income) / Loss DE Adjustments 0.2 (0.5) (0.5) 1.1 Distributable Earnings to Common 8.6 11.8 21.0 24.1 Average Common Stock & Common Stock Equivalents (5) 1,340.9 1,370.0 1,385.4 1,324.4 GAAP Net Income / (Loss) ROE 2.1% 3.8% 3.6% 5.5% Distributable Earnings ROE 2.6% 3.5% 6.1% 7.3% GAAP Net Income / (Loss) Earnings Per Share, Diluted $0.07 $0.13 $0.12 $0.19 Fully Converted Weighted Average Shares Outstanding (6) 95,257,000 96,607,015 97,406,462 89,022,855 GAAP Net Income / (Loss) Earnings Per Share, Fully Converted (6) $0.08 $0.13 $0.13 $0.21 Distributable Earnings Per Share, Fully Converted (6) $0.09 $0.12 $0.22 $0.27 Distributable Earnings Per Share before realized gain/(loss), Fully Converted (6) $0.22 $0.22 $0.23 $0.23 GAAP Net Income to Distributable Earnings Reconciliation Note: All numbers in millions except share and per share data. 1. Represents unrealized gains and losses on (i) commercial mortgage loans, held for sale, measured at fair value, (ii) other real estate investments, measured at fair value and (iii) derivatives. 2. Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payment obligations in the quarter. 3. Represents transaction-related and non-recurring costs associated with the acquisition of NewPoint. 4. Represents non-cash (income) loss from equity method investments, net of cash received as return on capital for the quarter. 5. Represents amounts deemed nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed non- recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized upon sale. Amount may be different than the GAAP basis. As of March 31, 2026, the Company has $3.4 million of GAAP loss adjustments that would run through distributable earnings if and when cash losses are realized. 6. Represents the average of all classes of equity except the Series E Preferred Stock. 7. Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards. Appendix
B E N E F I T S T R E E T P A R T N E R S 25 March 31, 2026 Stockholders' equity applicable to convertible common stock $ 1,308,242 Shares: Common stock 76,902,793 Restricted stock and restricted stock units 1,630,921 Series H convertible preferred stock 5,370,498 Class A OP Units 8,385,951 Total outstanding shares 92,290,163 Fully-converted book value per share(1) $ 14.18 Book Value Per Share & Shares Outstanding Appendix Note: All numbers in thousands except per share and share data. Preferred stock values expressed in common stock equivalents. 1. Fully-Converted book value per share assumed conversion of the Company's Series H preferred stock, OP Units and the vesting of the Company's unvested RSUs. March 31, 2026 Stockholders' equity applicable to convertible common stock $ 1,308,242 Accumulated depreciation and amortization adjustment 18,485 MSR Fair Value adjustment 19,191 Adjusted Stockholders’ equity applicable to convertible common stock 1,345,918 Shares: Common stock 76,902,793 Restricted stock and restricted stock units 1,630,921 Series H convertible preferred stock 5,370,498 Class A OP Units 8,385,951 Total outstanding shares 92,290,163 Fully-converted undepreciated book value per share(1) $ 14.58 Book Value Per Share Undepreciated Book Value Per Share
B E N E F I T S T R E E T P A R T N E R S 26 Three Months Ended March 31, 2026 2025 Income Interest income $ 92,249 $ 113,908 Less: Interest expense 65,230 70,593 Net interest income 27,019 43,315 Gain/(loss) on sales, including fee-based services, net 21,330 5,039 Mortgage servicing rights 6,742 — Servicing revenue, net 10,550 — Gain/(loss) on derivatives 1,854 (118) Revenue from real estate owned 6,882 6,797 Total income $ 74,377 $ 55,033 Expenses Compensation and benefits $ 22,824 $ — Asset management and subordinated performance fee 6,054 6,555 Acquisition expenses 171 299 Administrative services expenses 2,334 3,348 Professional fees 9,285 6,576 Other expenses 11,205 9,936 Depreciation and amortization 3,420 1,380 Share-based compensation 2,403 2,246 Total expenses $ 57,696 $ 30,340 Other income/(loss) (Provision)/benefit for credit losses $ (11,391) $ 1,898 Gain/(loss) on other real estate investments (4,476) (2,232) Income/(loss) from equity method investments 12,407 — Total other income/(loss) $ (3,460) $ (334) Income/(loss) before taxes 13,221 24,359 (Provision)/benefit for income tax (929) (654) Net income/(loss) $ 12,292 $ 23,705 Net (income)/loss attributable to non-controlling interest (312) 353 Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. $ 11,980 $ 24,058 Less: Preferred stock dividends 5,916 6,748 Net income/(loss) applicable to common stock $ 6,064 $ 17,310 Basic earnings per share $ 0.07 $ 0.20 Diluted earnings per share $ 0.07 $ 0.20 Basic weighted average shares outstanding 79,926,118 82,053,686 Diluted weighted average shares outstanding 79,926,118 82,053,686 FBRT Income Statement Appendix
B E N E F I T S T R E E T P A R T N E R S 27 March 31, 2026 ASSETS Cash and cash equivalents $ 115,600 Restricted cash 20,845 Investment securities, held to maturity 21,958 Commercial mortgage loans, held for investment, net of allowance for credit losses of $49,173 as of March 31, 2026 4,546,828 Commercial mortgage loans, held for sale, measured at fair value 423,031 Real estate securities, available for sale, measured at fair value, amortized cost of $179,768 as of March 31, 2026 178,712 Mortgage servicing rights, net 211,854 Accrued interest receivable 38,942 Receivable for loan repayment(5) 79,248 Prepaid expenses and other assets 38,822 Real estate owned, net of depreciation 98,676 Real estate owned, held for sale 192,653 Equity method investments 98,626 Intangible assets, net of amortization 113,050 Goodwill 92,048 Derivative instruments, measured at fair value 17,195 Loans eligible for repurchase 12,913 Total assets $ 6,301,001 LIABILITIES AND STOCKHOLDERS' EQUITY Collateralized loan obligations $ 2,637,338 Repurchase agreements and revolving credit facilities - commercial mortgage loans 1,495,300 Repurchase agreements - real estate securities 212,168 Other financings 12,865 Unsecured debt 185,693 Mortgage note payable 23,998 Allowance for loss sharing 17,349 Accrued compensation 29,381 Liability for loans eligible for repurchase 12,913 Interest payable 16,751 Distributions payable 23,304 Accounts payable and accrued expenses 20,310 Due to affiliates 11,058 Derivative instruments, measured at fair value 4,279 Other liabilities 28,500 Total liabilities $ 4,731,207 Commitments and Contingencies Redeemable convertible preferred stock: Redeemable convertible preferred stock Series H, $0.01 par value, 20,000 authorized and 17,950 issued and outstanding as of March 31, 2026 $ 89,748 Total redeemable convertible preferred stock $ 89,748 Equity: Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of March 31, 2026 $ 258,742 Common stock, $0.01 par value, 900,000,000 shares authorized, 77,214,904 shares issued and outstanding as of March 31, 2026 755 Additional paid-in capital 1,553,770 Accumulated other comprehensive income/(loss) (1,056) Accumulated deficit (420,743) Total stockholders' equity $ 1,391,468 Non-controlling interest 88,578 Total equity $ 1,480,046 Total liabilities, redeemable convertible preferred stock and equity $ 6,301,001 FBRT Balance Sheet Appendix
B E N E F I T S T R E E T P A R T N E R S 28 Definitions Distributable Earnings and Distributable Earnings to Common Distributable Earnings is a non-GAAP measure, which the Company defines as GAAP net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization over the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans and derivatives, including CECL reserves and impairments, net of realized gains and losses, as described further below, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) realized gains and losses on debt extinguishment and CLO calls, (vii) non-cash income from mortgage servicing rights, and (viii) certain other non-cash items. Distributable Earnings before realized losses, a non-GAAP measure, presents Distributable Earnings gross of realized gain (loss) on debt extinguishment and realized gain (loss) on loans and real estate owned. Further, Distributable Earnings to Common, a non-GAAP measure, presents Distributable Earnings net of (x) perpetual preferred stock dividend payments and (y) non-controlling interests in joint ventures. As noted above, we exclude unrealized gains and losses on loans and other investments, including CECL reserves and impairments, from our calculation of Distributable Earnings and include realized gains and losses. The nature of these adjustments is described more fully in the footnotes to our reconciliation tables. GAAP loan loss reserves and any property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing definition of Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed non-recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized. The realized loss amount reflected in Distributable Earnings will generally equal the difference between the cash received and the Distributable Earnings basis of the asset. The timing of any such loss realization in our Distributable Earnings may differ materially from the timing of the corresponding loss reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP. The Company believes that Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common are useful financial metrics for existing and potential future holders of its common stock as historically, over time, Distributable Earnings to Common has been an indicator of common dividends per share. As a REIT, the Company generally must distribute annually at least 90% of its taxable income, subject to certain adjustments, and therefore believes dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings to Common helps investors evaluate performance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio performance and the Company's operations and is one of the performance metrics the Company's board of directors considers when dividends are declared. Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common do not represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). The methodology for calculating Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies.
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